Pemberton Real Estate Market Update
Although the overall number of sales in 2019 was lower, real estate activity remained steady in Pemberton through 2019. The lack of sales activity can be directly attributed to a lack of properties available for sale and did not reflect a lack of interest from buyers. As a result, values increased in most sub-markets throughout the Pemberton area and the overall average value increased by 6.7% from the end of 2018.
In Pemberton, there was strong interest in single-family homes, especially those with suites.
Breaking it down further:
- 11% increase in average sales value to $1,030,000 from the end of 2018
- Lots of interest in this sub-market, especially for homes with suites
- Average value (currently at $600,047) remained virtually unchanged compared to the end of 2018
- Small increase in price per square foot (currently in the range of $425-$450 per square foot)
- The busiest sector of the Pemberton market
- The size and type of properties available resulted in a small drop in average transaction value (currently $369,000) since the end of 2018
- Price per square foot has remained unchanged at approximately $520 per square foot
When looking at these general stats, it is important to keep in mind that Pemberton is a micro-market with less than 200 annual transactions (and rarely more than 50 in any sub-market). As such, statistical analysis can be less useful as a predictive tool.
What we can say for certain is that real estate values in Pemberton (as compared to the other communities in the Sea-to-Sky corridor) continue to attract attention from buyers. Meanwhile, the community’s small-town feel, beautiful scenery, and lifestyle offerings have increased local tourism as well as awareness and interest from buyers beyond traditional sources. As such we have seen an increase in the number of buyers from outside the corridor and internationally. This interest in Pemberton doesn’t just focus on the village but extends into the surrounding areas and towards Anderson Lake.
Increased interest has resulted in greater commercial and residential investment in both Pemberton Village and the Industrial Park. A number of new buildings are under construction bringing new commercial and residential opportunities to the area.
As we go forward through 2020, Pemberton will continue to thrive. New residential offerings at the Tiyata and Sunstone developments will likely be joined by other developments that are currently working through the approval process, bringing much needed new opportunities to the market.
We can expect to see a market that favours sellers in the lower price ranges and activity levels above $1.5 million will continue to be slower due to a lack of opportunity and property characteristics.
As a small, specialized market it is important to get the right information for your specific interest. If you are curious about what your home is worth or if you are wondering how to be successful as a buyer in this market, or even if you are just looking to stay up-to-date on the current market trends, contact me and I will be happy to discuss the current market with you and how you can accomplish your real estate goals.